摘要
2021年,国际油价回暖,国际大石油公司普遍迎来收入、利润双增长,经营业绩向好,自由现金流达到历史高位。在经历了多年低油价“新常态”及新冠肺炎疫情冲击后的国际大石油公司并不急于增支增产,各公司仍保持审慎原则,严格约束资本支出,积极偿还债务,提振资产负债表,确保稳健发展;积极回馈股东,加强投资者信心,普遍增加股息并制定了规模较大的股票回购计划;在传统油气业务上继续实施“归核化”战略,深耕重点领域,大力发展天然气业务,优化资产组合;加快能源转型步伐,强调一体化运营,探索油气项目与低碳新能源项目融合发展模式,差异化布局低碳业务。中国石油公司应抓住高油价契机,积极开展合资合作,做好油气主业,设计适合自身的新能源发展路径。
In 2021, with the recovery of international oil prices, major IOCs generally embraced growth of revenue and profit. Operating performance improved and free cash flow reached an all-time high in the past 10 years. However, having experienced many years of low oil price and the COVID-19 hit, the majors did not rush to increase production and investment.They maintained prudent principles, applied capital expenditure discipline, actively repaid their debts in order to boost their balance sheets and to ensure steady development. Moreover, they actively gave back to shareholders, strengthened investors’ confidence by increasing dividends and implementing a large-scale stock repurchase plan, continued to implement the “refocusing”strategy in traditional oil and gas business, deeply cultivated key areas, vigorously developed natural gas business, and optimized their asset portfolio, and accelerated the pace of energy transformation, emphasized integrated operation, explored the integrated development mode of oil and gas projects and low-carbon new energy projects, and pursued different pathways to develop low-carbon businesses. China’s oil and gas companies should seize the opportunity of high oil prices, strengthen and expand joint ventures and cooperation, explore suitable pathways for new energy, and maintain good performance in their main oil and gas business.
作者
熊靓
王曦
郜峰
XIONG Liang;WANG Xi;GAO Feng(PetroChina Research Institute of Petroleum Exploration and Development)
出处
《国际石油经济》
2022年第6期45-51,73,共8页
International Petroleum Economics
